WALTHAM, Mass. – October 5, 2010 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in September was down 19 percent over the same time last year, while condominiums were down 27 percent.
“Concerns over the economy and unemployment continued to keep a number of potential homebuyers on the sidelines as homes put under agreement went down compared to the same time last year when buyers were trying to qualify for the initial homebuyer tax credit deadline,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “While the market still favors the buyer and interest rates remain historically low, confidence in the market plays a significant factor even for the most qualified buyers when it comes to purchasing a home.”
The number of single-family homes put under agreement in September was down 19 percent compared to the same time last year (4,473 homes in 2009 to 3,609 homes in 2010). This is the fifth straight month that year-over-year pending sales have gone down. On a month-to-month basis, single-family homes put under agreement were down 12.3 percent from 4,117 homes in August.
The number of condos put under agreement in September was down 27 percent compared to September 2009 (1,725 units in 2009 to 1,267 units in 2010). On a month-to-month basis, condos put under agreement were down 11.7 percent from 1,267 units in July.
About Pending Sales:
The tracking of signed purchase and sales agreements (also called “pending sales”) provide reliable information about where the real estate market is heading in coming months.
A pending sale or a sale “under agreement” is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such. MAR is the only organization which compiles this statewide information from Multiple Listing Services each month.
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 20,000 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.